Fortinet (NASDAQ:FTNT) Now Covered by Truist Financial

Equities researchers at Truist Financial started coverage on shares of Fortinet (NASDAQ:FTNT - Get Rating) in a research report issued on Friday, Briefing.com reports. The brokerage set a "buy" rating and a $82.00 price target on the software maker's stock. Truist Financial's target price would suggest a potential upside of 22.57% from the company's previous close.

A number of other analysts have also recently weighed in on FTNT. BTIG Research cut shares of Fortinet from a "buy" rating to a "neutral" rating in a report on Friday, January 13th. Loop Capital lifted their target price on shares of Fortinet from $66.00 to $80.00 in a report on Thursday, February 9th. Guggenheim began coverage on shares of Fortinet in a research report on Monday, January 23rd. They issued a "neutral" rating on the stock. Royal Bank of Canada lifted their price objective on shares of Fortinet from $57.00 to $68.00 in a research report on Wednesday, February 8th. Finally, Mizuho boosted their target price on shares of Fortinet from $68.00 to $74.00 and gave the stock a "buy" rating in a research report on Monday. Seven analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $71.14.

Fortinet Price Performance

Shares of FTNT stock opened at $66.90 on Friday. The firm has a market cap of $52.45 billion, a PE ratio of 62.64, a price-to-earnings-growth ratio of 3.32 and a beta of 1.16. The company has a 50-day moving average of $62.84 and a two-hundred day moving average of $55.58. Fortinet has a 1-year low of $42.61 and a 1-year high of $71.52.

Fortinet (NASDAQ:FTNT - Get Rating) last announced its earnings results on Tuesday, February 7th. The software maker reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. Fortinet had a net margin of 19.41% and a negative return on equity of 309.63%. Fortinet's revenue was up 33.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.19 earnings per share. Sell-side analysts anticipate that Fortinet will post 1.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 240,046 shares of the firm's stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the sale, the vice president now directly owns 29,727,018 shares in the company, valued at $1,596,935,406.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 240,046 shares of Fortinet stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total transaction of $12,895,271.12. Following the transaction, the vice president now owns 29,727,018 shares of the company's stock, valued at approximately $1,596,935,406.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom bought 423 shares of the stock in a transaction on Tuesday, April 11th. The shares were acquired at an average cost of $67.40 per share, for a total transaction of $28,510.20. Following the purchase, the director now owns 290,716 shares in the company, valued at $19,594,258.40. The disclosure for this purchase can be found here. Insiders sold a total of 932,484 shares of company stock valued at $53,877,379 over the last 90 days. 18.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Penserra Capital Management LLC increased its position in shares of Fortinet by 6.6% during the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker's stock valued at $226,000 after purchasing an additional 41 shares during the period. Evergreen Capital Management LLC lifted its stake in shares of Fortinet by 5.2% during the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker's stock valued at $295,000 after acquiring an additional 43 shares during the period. Douglass Winthrop Advisors LLC lifted its stake in shares of Fortinet by 6.1% during the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker's stock valued at $296,000 after acquiring an additional 50 shares during the period. Covestor Ltd lifted its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker's stock valued at $56,000 after buying an additional 57 shares during the period. Finally, Sawtooth Solutions LLC lifted its stake in Fortinet by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker's stock valued at $640,000 after buying an additional 66 shares during the period. 64.35% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.